A Beacon of Innovation: Spotlight on the Specialty Lighting Market
It is projected that the Specialty Lighting Market will grow at a robust compound annual growth rate (CAGR) of 6.6% over the forecast period, from USD 5.7 billion in 2022 to USD 7.8 billion by 2027. The increasing need for specialised lighting solutions across a range of sectors and applications is reflected in this growth trend. Technological developments in lighting, increased public knowledge of energy-efficient lighting options, and the expanding use of specialty lighting in industries like healthcare, automotive, and entertainment are some of the factors propelling this rise. In addition, the transition to intelligent lighting systems and the rise of creative lighting designs are anticipated to fuel market expansion in the upcoming years.
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Specialty lighting is used in many different industries, but the most common ones include entertainment, medical, and UV lamps. Furthermore, airport lighting is a rapidly expanding application with substantial growth potential. These lighting systems are essential to the smooth running of airports, the facilitation of night flights, and the general aesthetics of airports. The need for advanced lighting solutions is rising as airports all over the world concentrate on modernising and expanding their infrastructure. The goal of airport lighting upgrades is to improve safety, visibility, and operating efficiency by bringing the systems up to international standards. As airport infrastructure becomes more modernised, makers of speciality lighting will have the opportunity to meet the changing demands of the aviation sector and profit from new market trends.
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The Specialty Lighting Market is expanding rapidly due to rising use in a number of industries, including UV lamp applications, entertainment, and medicine. The function that UV lights play in disinfecting surfaces, air, and water is expected to drive demand, especially in light of the increased concerns about cleanliness. Additionally, the growing number of international events, such music concerts, is driving up demand for speciality lighting solutions and expanding the industry. Specialty lighting is used extensively in surgery and examination rooms in the medical field to improve visibility and accuracy during treatments. These lighting options, which serve a range of purposes in the entertainment, health, and purification industries, include LEDs and incandescent lights among other light sources. Large-scale events like music festivals are becoming more commonplace across the globe; the United States, Japan, India, and other nations host a lot of these kinds of events, which highlights the significant income potential for specialty lighting vendors. Specialty lighting is essential to producing immersive and visually stunning experiences that draw large crowds, which increases demand and generates income for industry participants.
The entertainment lighting market demonstrates a heterogeneous environment across geographies, with North America emerging as a leader in 2021, propelled by a rapidly urbanising population, a booming music industry, and expanding music festivals. Europe is not far behind, with the continent set for substantial expansion due to the popularity of music festivals and the backing of several trade organisations like NAMM and the European Music Council. The dynamic entertainment sector in the region is supported by changing consumer habits, which in turn drive the growth of theatres, malls, and multiplexes. Similar to this, developments in film technology like as 3D and self-driving drones are driving the Asia Pacific market's expansion and supporting the growing film industry in the area. The evolution of the entertainment market in the South American region is also being driven by the rise in popularity of Latin music, rising levels of foreign direct investment, and rising per capita disposable income. When taken as a whole, these elements highlight the entertainment lighting market's worldwide dynamic and offer a variety of chances for expansion and innovation in various regional markets.
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The major players in the specialty lighting market include Zebra Technologies (US), Alien Technology (US), CAEN specialty lighting (Italy), Impinj (US), Avery Dennison (US), Honeywell (US), NXP Semiconductors (Netherlands), GAO specialty lighting (Canada), HID Global (US), Invengo (China), Infotek Software & Systems (P) Ltd (i-TEK) (India), Bartronics India Ltd. (India), Bartech Data Systems Pvt. Ltd., Bar Code India Ltd. (BCI) (India), ORBCOMM Inc. (US), GlobeRanger (US), Mojix (US), Securitag Assembly Group (SAG) (Taiwan), Linxens (France), Checkpoint Systems (US), Identiv (US), Confidex (Finland), Datalogic (Italy), Nedap (Netherlands), ThingMagic (Jadak Company) (US), and Omni-ID (US). These players are continuously.
In March 2020, Signify, a Netherlands-based lighting corporation engaged in manufacturing LED lighting systems, software, and services, acquired Cooper Lighting Solutions for a deal amount of $1.4 billion. The acquisition is aimed at strengthening Signify's position in the lighting market and growing in the North American region with increased innovative offerings. Cooper Lighting Solutions is a US-based lighting manufacturer operating in specialty lighting.
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